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<blockquote data-quote="MrFedEx" data-source="post: 578313" data-attributes="member: 12508"><p>Bottom line. Your Traditional (real) Pension Plan ended 6-1-08. It's over, and everyone (except the pilots and the big cheeses) is under the PPP, which isn't a pension plan at all, except perhaps in name only.</p><p> </p><p>You still get whatever you earned under the old plan, and now get a small yearly accrual that will be paid to you as a lump sum when you quit. You also get a tiny monthly payout.That's all the PPP is. Please explain to me how the PPP is actually a pension when only a small group of roaches could live off of what they pay out. The lucky ones are the 25 year people who earned the maximum on the old plan before the PPP kicked-in. Even though it's not very good, at least they will have a decent amount coming to them when they leave. </p><p> </p><p>Let's say you started in June, 2000. You would have 8 years in under the old plan (2% per year, total of 16%). On June 1, 2008, your participation in the old plan ended and you were forced into the PPP. When you retire, you'll get that 16%, and whatever you accrue under the PPP, plus the puny monthly payout. Better line up that job at Wally World when you hit 65.</p><p> </p><p>Here's what Fred did. He took advantage of all of the publicity that the passenger airlines were getting surrounding their elimination of traditional pension plans and did the same to us, because, after all, we're an "airline" (ha ha). The one big difference is that FedEx was <strong>extremely profitable when he pulled this off,</strong> while the passenger airlines were bankrupt. What a coup for Smith! He saves millions by ending our real pension plan and then substitutes this farce called PPP. The trouble is, most employees don't understand how badly they were screwed on this deal. Pure ignorance.</p><p> </p><p>The plans are fully funded because they are a pittance compared to good retirement packages. They will <strong>always be fully funded because it is a drop in the bucket compared to a decent plan (like the one UPS has).</strong></p><p>How clear do I have to make this? Fred just did you hard without any lube and you pretend everything is OK? Are most of you really that stupid?</p></blockquote><p></p>
[QUOTE="MrFedEx, post: 578313, member: 12508"] Bottom line. Your Traditional (real) Pension Plan ended 6-1-08. It's over, and everyone (except the pilots and the big cheeses) is under the PPP, which isn't a pension plan at all, except perhaps in name only. You still get whatever you earned under the old plan, and now get a small yearly accrual that will be paid to you as a lump sum when you quit. You also get a tiny monthly payout.That's all the PPP is. Please explain to me how the PPP is actually a pension when only a small group of roaches could live off of what they pay out. The lucky ones are the 25 year people who earned the maximum on the old plan before the PPP kicked-in. Even though it's not very good, at least they will have a decent amount coming to them when they leave. Let's say you started in June, 2000. You would have 8 years in under the old plan (2% per year, total of 16%). On June 1, 2008, your participation in the old plan ended and you were forced into the PPP. When you retire, you'll get that 16%, and whatever you accrue under the PPP, plus the puny monthly payout. Better line up that job at Wally World when you hit 65. Here's what Fred did. He took advantage of all of the publicity that the passenger airlines were getting surrounding their elimination of traditional pension plans and did the same to us, because, after all, we're an "airline" (ha ha). The one big difference is that FedEx was [B]extremely profitable when he pulled this off,[/B] while the passenger airlines were bankrupt. What a coup for Smith! He saves millions by ending our real pension plan and then substitutes this farce called PPP. The trouble is, most employees don't understand how badly they were screwed on this deal. Pure ignorance. The plans are fully funded because they are a pittance compared to good retirement packages. They will [B]always be fully funded because it is a drop in the bucket compared to a decent plan (like the one UPS has).[/B] How clear do I have to make this? Fred just did you hard without any lube and you pretend everything is OK? Are most of you really that stupid? [/QUOTE]
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